This loan product is designed to operate on a group (union) methodology. A union is a self-selected group of people who access loans individually, but have group guarantees. Regular Loan is created to help meet the working capital needs of clients that run small businesses.
- Facility range: N30,000 (minimum) to N150,000 (maximum)
- Methodology: Individual lending but group liability
- Duration: 8 months
- Grace period: 2 weeks
- Repayment frequency: Weekly
- Clients must belong to a union
- No collateral
- Access to funds for business expansion
- Access to other business loan products to strengthen client’s enterprise, e.g. Mid-term and Asset loan
- Flexible repayment structure
- Training on basic financial management, business planning and customer relations
- Low interest rate
- Expert financial advice available
- Duly completed application form
- 2 guarantors
- 2 recent passport-size photographs
- Current electricity bill
- A valid means of ID (national ID, driver's license, voter's card or international passport)
1. Q: How do I join a union?
A: You locate a LAPO MfB union around where you live.
2. Q: Can a Client Support Officer (CSO) locate a union for me?
A: No. According to LAPO MfB's policy, a CSO isn’t allowed to direct you to a union to join.
3. Q: Can I start a Union?